CLEVELAND - March 3, 2010 - After two months of rising figures, February marked the first month of 2010 when car insurance rates dropped, according to insurance.com's RateWatch for Car Insurance.
Auto insurance rates decreased nationally in February, falling by $8. The lowest average annual car insurance quotes dropped slightly, from $1,844 per year to $1,836 annually. This breaks a two-month stretch of rate increases and could herald a stabilization after last month's increases.
Car insurance rates increased 8% in total in 2008, but dropped dramatically in December 2008 and remained relatively level throughout 2009. While rates rose slightly in December of 2009 and January of 2010, average rates still haven't been as low as this February's - if you ignore the months of October and November of 2009 - since February 2008 ($1,828).
"Although auto insurance rates rose over the previous two months, they came back down a bit in February," says Sam Belden, VP, insurance.com. "And despite the small rises, rates are still lower now than they've been for most of the last two years. If the rate you're paying with your current company isn't going down or is even increasing, now is a good time to check that you're getting the best deal."
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